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UNSECURED SENIOR NOTES (Details) $ in Thousands |  |  |  |  |  | 12 Months Ended |
--- | --- | --- | --- | --- | --- | --- | ---
Dec. 23, 2021 USD ($) | Nov. 30, 2021 USD ($) | Apr. 04, 2017 USD ($) | Oct. 26, 2015 USD ($) | Dec. 17, 2013 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 24, 2019 USD ($)
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Less: Loan procurement costs, net |  |  |  |  |  | $ (2,322) | $ (3,275) |
Total unsecured senior notes, net |  |  |  |  |  | 2,768,209 | 2,030,372 |
Loss on early extinguishment of debt |  |  |  |  |  | (20,328) | (18,020) |
CubeSmart, L.P. and Subsidiaries |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Less: Loan procurement costs, net |  |  |  |  |  | (2,322) | (3,275) |
Total unsecured senior notes, net |  |  |  |  |  | 2,768,209 | 2,030,372 |
Loss on early extinguishment of debt |  |  |  |  |  | (20,328) | (18,020) |
Senior Notes |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | 2,800,000 | 2,050,000 |
Less: Discount on issuance of notes, net |  |  |  |  |  | (13,455) | (7,470) |
Less: Loan procurement costs, net |  |  |  |  |  | (18,336) | (12,158) |
Total unsecured senior notes, net |  |  |  |  |  | $ 2,768,209 | 2,030,372 |
Senior Notes | Maximum |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Consolidated leverage ratio |  |  |  |  |  | 0.60 |  |
Secured debt leverage ratio |  |  |  |  |  | 0.40 |  |
Senior Notes | Minimum |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Consolidated interest coverage ratio |  |  |  |  |  | 1.50 |  |
Financial and customary covenant, minimum unencumbered asset (as a percent) |  |  |  |  |  | 150.00% |  |
Senior notes 4.375% due December 15, 2023 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  |  | 300,000 | $ 300,000
Interest rate (as a percent) | 4.375% |  | 4.375% |  | 4.375% | 4.375% |  | 4.375%
Effective interest rate (as a percent) |  |  |  |  |  | 4.33% |  |
Effective weighted average interest rate (as a percent) |  |  | 3.495% |  | 4.501% | 4.33% |  |
Proceeds from senior notes |  |  | $ 50,000 |  | $ 250,000 |  |  |
Repayment of outstanding debt | $ 300,000 |  |  |  |  |  |  |
Loss on early extinguishment of debt | 20,300 |  |  |  |  |  |  |
Prepayment penalty on early extinguishment of debt | 20,000 |  |  |  |  |  |  |
Loan procurement amortization expense - early repayment of debt | $ 300 |  |  |  |  |  |  |
Debt instrument, redemption percentage |  |  | 105.04% |  | 98.995% |  |  |
Senior notes 4.000% due 2025 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 300,000 | 300,000 |
Interest rate (as a percent) |  |  | 4.00% | 4.00% |  | 4.00% |  |
Effective interest rate (as a percent) |  |  | 3.811% | 4.032% |  | 3.99% |  |
Effective weighted average interest rate (as a percent) |  |  |  |  |  | 3.994% |  |
Proceeds from senior notes |  |  | $ 50,000 | $ 250,000 |  |  |  |
Debt instrument, redemption percentage |  |  | 101.343% | 99.735% |  |  |  |
Senior Notes 3.125% Due 2026 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 300,000 | 300,000 |
Interest rate (as a percent) |  |  |  |  |  | 3.125% |  |
Effective interest rate (as a percent) |  |  |  |  |  | 3.18% |  |
Senior Notes 2.250 % Due 2028 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 550,000 |  |
Interest rate (as a percent) |  | 2.25% |  |  |  | 2.25% |  |
Effective interest rate (as a percent) |  |  |  |  |  | 2.33% |  |
Proceeds from senior notes |  | $ 550,000 |  |  |  |  |  |
Senior Notes 4.375 % Due 2029 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 350,000 | 350,000 |
Interest rate (as a percent) |  |  |  |  |  | 4.375% |  |
Effective interest rate (as a percent) |  |  |  |  |  | 4.46% |  |
Senior Notes 3.000 % Due 2030 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 350,000 | 350,000 |
Interest rate (as a percent) |  |  |  |  |  | 3.00% |  |
Effective interest rate (as a percent) |  |  |  |  |  | 3.04% |  |
Senior Notes 2.000 % Due 2031 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 450,000 | $ 450,000 |
Interest rate (as a percent) |  |  |  |  |  | 2.00% |  |
Effective interest rate (as a percent) |  |  |  |  |  | 2.10% |  |
Senior Notes 2.500 % Due 2032 |  |  |  |  |  |  |  |
Mortgage loans and Notes payable |  |  |  |  |  |  |  |
Senior notes, principal amount |  |  |  |  |  | $ 500,000 |  |
Interest rate (as a percent) |  | 2.50% |  |  |  | 2.50% |  |
Effective interest rate (as a percent) |  | 2.50% |  |  |  | 2.59% |  |
Proceeds from senior notes |  | $ 500,000 |  |  |  |  |  |

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